Turkish stock market closes Tuesday with strong losses

By Tuba Sahin

ANKARA (AA) - Turkiye's benchmark stock index Borsa Istanbul closed on Tuesday with strong losses, down 2.59% to 2,418.30 points.

Starting the day at 2,498.11 points, the BIST 100 index fell 64.30 points from Monday's close of 2,482.60 points.

During Tuesday's trading, the BIST 100 hovered between 2,402.30 and 2,510.27 points as 11 stocks rose, 88 fell, and one was flat compared to the previous close.

Closing the day with a market value of around 2 trillion Turkish liras ($133 billion), the benchmark index posted a daily trading volume of 48.1 billion Turkish liras ($3.2 billion).

Shares of national flag carrier Turkish Airlines, iron/steel company Kardemir, and private lender Garanti BBVA posted the highest trading volumes on Tuesday.

Tiling firm Qua Granite was the best performer with its shares up 7.38%, while shares of porcelain manufacturer Kutahya Porselen dropped the most, 7.37%.

An ounce of gold traded for $1,909.60 by market close, up from $1,908.60 at the previous close, according to data from Borsa Istanbul's Precious Metals and Diamond Markets.

The price of Brent crude oil jumped to $104.2 per barrel as of 6.15 p.m. local time (1515GMT) on Tuesday, up 2.04% from the previous close.